First Short Term Rental

[Alex Wollin]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $269,000

Purchased a brand new home, lived in it for a year and turned it in a STR

What made you interested in investing in this type of deal?

Don’t have to deal with long term renters. More money earned each month.

How did you find this deal and how did you negotiate it?

Bought in a growing area where the real estate market was rapidly rising.

How did you finance this deal?

First home buyer so used an FHA loan

How did you add value to the deal?

Did all the landscaping and put in amenities that would attract more guests.

What was the outcome?

After all expenses including the mortgage I profit at least $1,500 a month consistently.

Lessons learned? Challenges?

Learning how to manage it to the point where almost everything is fully automated. Take care of your cleaners and maintenance team and they’ll take good care of you.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes! New American Funding in Oregon were my lenders. They were incredibly awesome and walked me through the entire process of purchasing my first home. I would recommend them to anyone. My realtors were the Coats, found in Tri Cities, Eastern Washington. They too are investors and look for good deals for their clients.

[Devin James]

Congrats Alex Wollin!

Cash flowing $1,500 on a $269k purchase price is a home run!